Nedbank Confirms Strong Shareholder Support for NCBA Takeover Offer

South Africa's Nedbank Group has confirmed strong shareholder support for its takeover offer for NCBA Group PLC, with investors tendering significantly more shares than the bank initially sought to acquire.

In an update released on 21 July, Nedbank said it received valid acceptances for 1.316 billion NCBA shares, representing 79.9% of the bank's issued share capital. The offer, however, was structured to acquire a 66% controlling stake, meaning the excess shares submitted will be allocated on a pro-rata basis in accordance with the terms of the offer.

The takeover offer closed on 10 July 2026, following a six-week acceptance period that began on 28 May. Under the transaction, participating shareholders will receive a combination of cash and Nedbank shares in exchange for their NCBA holdings.

Transaction remains on course

Nedbank said that, subject to the remaining regulatory approvals and completion requirements, it expects to acquire approximately 1.087 billion shares, giving it a 66% ownership stake in NCBA. The remaining 34% of the lender's shares will continue to be held by public investors, allowing NCBA to remain listed on the Nairobi Securities Exchange (NSE).

The bank noted that approvals have already been secured from several regulators, including the Capital Markets Authority (CMA), the South African Reserve Bank, the National Bank of Rwanda and the Bank of Tanzania, with a few remaining approvals expected before the transaction is completed.

Major milestone for regional banking

The acquisition is one of the largest banking transactions in East Africa in recent years and is expected to strengthen Nedbank's presence in the region while giving NCBA access to additional capital, technology and product capabilities.

Nedbank said settlement for shareholders who accepted the offer is expected to begin once all outstanding conditions have been met, with the transaction targeted for completion by the end of the third quarter or early fourth quarter of 2026.

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